Exemptions other than Covered in Respective Chapters Chapter- 20
(i) to any payment made by way profit or interest to any person on Term Finance Certificates
being the instruments of redeemable capital under the Companies Act, 2017, issued by Prime
Minister‘s Housing Development Company (Pvt.) Limited (PHDCL);
(ii) in the case of any resident individual, no tax shall be deducted from income or profits paid on,-
(a) Investment in monthly income Savings Accounts Scheme of Directorate of National
Savings, where monthly installment in an account does not exceed one thousand rupees.- Partly designed/assembled cypher devices [U/C 60]
The provisions of sections 148 and 153 shall not apply to fully as well partly artly designed/assembled
cypher devices, for use within the country as are verified by Cabinet Division (NTISB)] with reference
to design, quality and quantity.- Provision of 148 does not apply for CPEC project [U/C 60A]
The provisions of section 148 of the Income Tax Ordinance, 2001 shall not apply for import of plant,
machinery and equipment including dumpers and special purposes motor vehicles imported by the
following for construction of Sukkur-Multan section of Karachi-Peshawar Motorway project and
Karakorum Highway (KKH) Phase-II (Thakot to Havellian Section) of CPEC project respectively:-
(a) M/s China State Construction Engineering Corporation Ltd. (M/s CSCEC); and
(b) M/s China Communication Construction Company (M/s CCCC).- Provision of 148 does not apply for Ministry of Foreign Affairs [U/C 60B]
The provisions of section 148 of the Income Tax Ordinance, 2001 shall not apply on import of Thirty-
five (35) Armoured and Security vehicles imported by or for Ministry of Foreign Affairs, Government of
Pakistan meant for security of visiting foreign dignitaries, subject to the following conditions, namely:-
(i) that the vehicles imported under this clause shall only be used for the security purpose of
foreign dignitaries and will be parked in Central Pool of Cars (CPC) in the Cabinet Division for
further use as and when needed; and
that the importing Ministry at the time of import shall furnish an undertaking to the concerned
Collector of Customs to the extent of customs-dues exempted under this clause on consignment to
consignment basis binding themselves that the vehicles imported under this clause shall not be re-
exported, sold or otherwise disposed of without prior approval of the Board and in the manner
prescribed thereof.- Non application of Provision of 148 [U/C 60DA]
The provisions of section 148 shall not apply to the import of the capital equipment as defined in
section 2 of the Special Technology Zones Ordinance 2020 (XIII of 2020) by—
(a) zone developers as defined in section 2 of the Special Technology Zones Ordinance 2020 for
consumption in the special technology zones for the period of 10 years commencing from the
date of signing the development agreement;
(b) zone enterprises as defined in section 2 of the Special Technology Zones Authority Ordinance,
2020 for a period of ten years from the date of issuance of license by the Special Technology
Zone Authority; and
(c) Special Technology Zones Authority established under the Special Technology Zones
Ordinance 2020.- Cash withdrawal, by earthquake victims [U/C 61]
This clause has been omitted by Finance Act, 2021.
The provisions of section 231A shall not apply in respect of any cash withdrawal, from a bank, made
by an earthquake victim against compensation received from GOP including payments through
Earthquake Reconstruction and Rehabilitation Authority (ERRA) account.- Transfer of Assets on amalgamation of companies [U/C 62]
The following provisions of Section 97 shall not apply in case of transfer of assets on amalgamation
of companies or their businesses or acquisition of shares, requiring that transferor: